“African countries are scrambling to pull together the necessary resources to face the COVID-19 health crisis, cushion its fallout on the poor, support their economies, and stay current on debt obligations.”
“As the pandemic continues to constrain the fiscal space of African countries – given the slowdown in domestic economies and decline in commodity prices – and occurs in a context where 40% of the continent was already faced with unsustainable debt burdens, discussions around restructuring Africa’s debt have begun to gain traction.”
“Africa’s growing public debt had sparked a renewed global debate about debt sustainability on the continent well before the COVID-19 pandemic took centre stage. Africa’s alleged unsustainable indebtedness is largely owing to the emergence of China as a major financier of African infrastructures,”
“In response to the COVID-19 crisis, governments across the world, including in Africa, have had to rapidly expand their budgets for healthcare and to avoid widespread poverty as economic activity slows. There are concerns that African countries are – as a result – vulnerable to a protracted debt crisis.”
“Africa’s development aspirations have always rested on the possibilities and policies inherent in achieving rapid industrialisation. Africans believe that key interventions in industrial policy would lay the foundation for sustained growth, business and job creation. In contemporary China, African policymakers seem to have found a development partner whose interests, experiences and capacities match these continental ambitions.”
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